The collapsed VBit Technologies Ponzi scheme has received a desist and refrain order from California’s Department of Financial Protection and Innovation (DFPI).

VBit Technologies associated companies cited by the DFPI in their January 31st order include:

  • VBit Technologies Corp, a Delaware shell company operating from the defunct domain “”;
  • VBit Mining LLC, a Delaware shell company operating from the defunct domain “”;
  • VBit DC Corp., a Delaware shell company; and
  • Advanced Mining Corp, operating from the defunct domain “”

Individuals named in DFPI’s order are:

  • Don Vo (aka Danh Vo), founder and CEO of VBit Technology, Vbit Mining and VBit DC and
  • Sean Tu, CTO of VBit Technologies, VBit Mining, Vbit DC and Advanced Mining

Following an internal investigation, DFPI claims VBit Technologies solicited investment from “at least 1016 California residents”.

Vbit Technologies, not to be confused with recently launched Vbit Limited scam, was a typical MLM crypto Ponzi scheme launched in 2018.

VBit Technologies’ Ponzi ruse of choice was cryptocurrency mining.

VBit’s mining packages consisted of specialized Bitcoin mining hardware and “hosting” services, which enabled customers with little or no technical expertise in Bitcoin mining to rely on VBit’s mining specialists.

The Ponzi scheme collapsed in June 2022, at which time VBit Technologies pulled a “regulators!” exit-scam.

On or around June 2022, VBit informed its investors that it could no longer operate in the United States. VBit stated in an email that it “stopped all sales and withdrawals because of a potential pending settlement with the US SEC.”

Investors have been frozen out of their accounts and unable to withdraw their funds.

Advanced Mining was launched as a VBit Technologies Ponzi reboot. It lasted a few weeks before pulling a “COVID-19!” exit-scam.

Under Californian law, DFPI classifies VBit Technologies’ investment scheme as a security.

VBit collected investments ranging from $50,000 to $150,000 from California investors.

These securities were offered and sold in this State in issuer transactions. The Commissioner has not issued a permit or other form of qualification authorizing any person to offer or sell these securities in this State.

Based on the foregoing findings, the Commissioner is of the opinion that the securities offered and sold in the form of investment contracts by VBit Technologies Corp., VBit Mining LLC, VBit DC Corp., and Advanced Mining Group are subject to qualification under the CSL and have been or are being offered or sold without first being qualified in violation of Corporations Code section 25110.

As a result of the Commissioner’s findings, VBit Technologies has been ordered to desist and refrain from committing further acts of securities fraud in California.

In addition to California, Montana’s Commission of Securities and Insurance also took regulatory action against VBit Technologies in February 2023.

Following VBit Technologies’ collapse, Danh Vo marked his LinkedIn profile “retired for life” and disappeared.

Whether VBit Technologies and Vo are under investigation at the federal level remains unclear.